With retailers under increasing pressure from online competitors, crippling rents are frequently a major cause of financial issues.
For retailers in Canada, operating from stores on the top shopping streets looks relatively affordable compared to some global peers; although three Canadian cities rank among North America’s most expensive.
The annual rankings of Main Streets Across the World from Cushman & Wakefield puts Hong Kong’s Causeway Bay firmly at the top of the most expensive.
The Chinese special region’s top retail street saw rents rise 2.30% in Q2 2019 to an eyewatering $2,745 per square foot, $500 dollars more than second-placed Upper 5th Avenue, New York.
London’s New Bond Street ($1,714 psf), Avenue des Champs-Élysées in Paris ($1,478), and Milan’s Via Montenapoleone ($1,447) complete the top 5.
Canadian cities do not rank in the top 20.
But when looking at the stats for North America, led by New York’s Upper 5th Avenue; Canada has three cities inside the top 10 most expensive.
Toronto’s Bloor Street is in 6th place – behind New York, San Francisco, Chicago, and Miami – at U$206 per square foot.
Vancouver’s Robson Street ranks 7th with rent for retail space of $153 psf; and Montreal’s Saint-Catherine West is 10th at $134 psf.
Canada also boasts the most affordable retail rent in North America though; Calgary’s 17th Avenue SW at $29 psf.
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
